Businessman Manuel V. Pangilinan (MVP) revealed on Thursday that the joint venture between ABS-CBN and TV5 is almost complete.
Speaking on the sidelines of the PLDT financial briefing, he said: “We have had discussions with them for over a year. But it is fair to characterize it because we are in the final stages.
He added: “I think the likelihood of a deal with them is high. It is near.”
MVP clarified, “We are not acquiring ABS-CBN. We are not buying any shares of ABS, but they will invest in TV5. »
“The model we are working on is that it will be a joint venture between TV5, using TV5’s platform as a free broadcasting platform for TV5 and the PLDT group and the ABS-CBN group” , he explained.
The MVP shared that they are now in the process of getting board approval which he says will be decided “In August definitely, maybe in the next 2 weeks, 3 weeks.”
ABS-CBN has been operating without a TV franchise for two years now.
He has a block time rental contract with TV5.
She has also partnered with Zoe Broadcasting Network Inc.
SUBSCRIBE TO THE DAILY NEWSLETTER
CLICK HERE TO JOIN